TORONTO, Sep. 24, 2013, 2013 (Canada NewsWire via COMTEX) --Douglas C. Campbell appointed President and CEO Sears Canada Inc. (TSX: SCC) announced the appointment of Douglas C. Campbell as President and Chief Executive Officer, and as a member of the Board of Directors, effective today. Mr. Campbell joined Sears Canada in March, 2011 and was appointed Executive Vice-President and Chief Operating Officer on November 16, 2012. Mr. Campbell is replacing Calvin McDonald who has informed the Board of Directors of the Corporation that he is resigning from his position and from the Board to pursue an opportunity with a leading international company. As Chief Operating Officer, Mr. Campbell was responsible for retail store operations, logistics, replenishment, information technology, corporate procurement, and international sourcing. Prior to joining Sears, Mr. Campbell was a Principal with Boston Consulting Group, where he led turnaround projects and worked across a broad sector of industries, including retail, manufacturing, packaged foods, chemicals, and pharmaceuticals. Mr. Campbell graduated from the U.S. Naval Academy with a Bachelor of Science in Economics. He was commissioned an officer in the U.S. Marine Corps and pursued a career as a Naval Aviator. His personal decorations include the Navy and Marine Corps Commendation Medal and two Air Medals awarded for service in combat operations. Following his service in the Marine Corps, Mr. Campbell earned a Masters of Business Administration with a concentration in Finance from The Wharton School, University of Pennsylvania. "I am excited about the opportunity to lead a company with such a great brand and history, and to continue to improve the performance of Sears," commented Mr. Campbell. "I am eager to move us forward, to work closely with our management team and to continue to engage our customers and our 25,000 associates to better serve families and communities across Canada." "Doug's disciplined approach has been instrumental in managing costs and driving efficiencies," said William C. Crowley, Chairman of the Board, Sears Canada Inc. "We look forward to his leadership as we continue to improve profitability across the business. We believe that the future remains bright for a more focused and competitive Sears Canada. "We would also like to thank Calvin for his leadership and merchandising skills in light of the challenges facing the industry," continued Mr. Crowley, "and we wish him every success in his new role." "I want to thank the associates of the Company for all of their hard work during my time at Sears Canada," said Mr. McDonald. "It has been an honour to lead an iconic Canadian retailer, and I look forward to your continued success". About Sears Canada Sears Canada is a multi-channel retailer with a network that includes 181 corporate stores, 246 hometown dealer stores, over 1,400 catalogue and online merchandise pick-up locations, 101 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca. SOURCE Sears Canada Inc. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/September2013/24/c9839.html SOURCE: Sears Canada Inc.

Sears announced today that they will be selling back two Toronto leases to the shopping centres. This will require Sears to vacate the stores by March 31, 2014 with $191 million to be paid to Sears on closing.

The two store locations are at Yorkdale Shopping Centre and Square One Shopping Centre. In addition Sears has also agreed to sell an option at a third store located at Scarborough Town Centre.

Over the next few weeks, Sears Canada Inc. will unveil the details of a plan to build a $1 billion office and condominium complex on their 3.6 hectare Burnaby location. This move fits with the current trend of retailers capitalizing on their real estate properties; Loblaws and Canadian Tire have both announced plans to create REIT's. The Burnaby location will still feature a Sears, albeit a 100,000 sq.ft. store, compared to the current 140,000 location (Business News).

"Although sales were lower than last year, our same store sales performance in the fourth quarter improved over the three prior quarters. Home electronics and Craftsman, which includes snowblowers and hardware, contributed to the majority of our sales decline. Though the positive sales trend in major appliances slowed, we continued to add market share. Of particular note was the positive same store sales growth of our apparel and accessories business in the quarter compared to the fourth quarter last year. Inventory quality at the end of the quarter improved compared to the same time last year, as a result of a significant reduction in out-of-season inventory."